BSEC appointed auditor ‍for a special audit of Ringsine

The regulator Bangladesh Securities and Exchange Commission (BSEC) has appointed a special auditor to report on the financial condition of Ringsine Textiles, a listed textile company. The BSEC on Tuesday appointed Hudavasi Chowdhury & Company, one of the country’s leading auditors.

It is learned that the company will investigate the reasons for the closure of the company, the reasons for the losses and the state of management.

Earlier, the company was temporarily laid-off due to the crisis of raw materials and export orders due to Corona from September 27, 2020. In December 2019, it raised Rs tk 150 crore from the capital market through an initial public offering or IPO. In that sense, the company has to acquire various equipments including machinery and repay the bank loan. And it will improve the financial condition of the company and investors will get a share of the profits.

Sunbd/NJ